According to a 2019 study from Edelman, 81 per cent of consumers need to trust the brand before they buy their products.
What’s even more interesting is that the percentage of consumers that felt this way was similar across a variety of global markets, demographics, and income groups. This just means that without branding, your project is doomed. But before we go deeper into our discussion, let’s review what project branding actually is: Brand A brand is the idea or perception that a consumer has in mind when they think of your project in both the practical and emotional way and what separates your project from another. This signifies two things:
First, how your project makes consumers feel is just as important (or maybe even more) as to how they think of its physical quality. So not only does the world-class amenities matter but also whether buying your apartment truly symbolises their success and class.
This makes sense with research showing that 90% of our purchase decisions are being made subconsciously. We buy with our heart, then justify with the mind.
Second, your brand is what makes you and your project unique. There are over 4,000 property developers across Australia today but there’s only one Blackburne, Meriton, and Deicorp.
Branding
Branding is everything you do to shape this image in buyers’ minds from the logo and font style to marketing and customer service. It’s your strategy that helps consumers immediately recognise your brand and see the solution it provides to their pain over competitors’ by clearly and consistently conveying what your brand is and not. The goal of branding is to make sure your project is aligned with this image or promise so you can attract and retain your target buyers.
In the simplest terms, a project is what you sell, a brand is the perceived image of your project, and branding is the strategy to create that image.
Here are our top three tips to help you set the trajectory of your branding journey on the right track:
1. Define your target market
Wellness Real Estate was already worth a staggering $275 billion in 2020. This signified a 22.1 per cent growth from 2019 levels. The market has maintained the highest growth rate in the wellness economy both before and during the pandemic.
Why? Because it solves a pain.
With research showing that our homes, environment, and community can influence up to 90% of our health outcomes and COVID-19 reinforcing our mortality more than ever, it satisfies the growing demand from conscious consumers for healthier built homes.
You need to understand that addressing prominent market problems is the only way you can build something desirable. Understanding your target market and their needs is key to nailing the mark across design, construction, and branding.
2. Be part of the process
A McKinsey study found that 97% of executives believe poor alignment across stakeholders impacts a project’s outcome.Additionally, a Salesforce report found that 86% of employees surveyed felt that a lack of collaboration and ineffective communication were responsible for workplace failures..
Delegate but don’t abdicate. Whilst you specialise in bricks-and-mortar, no one can articulate your vision better than you. The marketing team, whether in-house or outsourced, needs your leadership to hit the mark. This will also make all stakeholders accountable.
And whilst your project is top-notch, keep in mind that it won’t matter if no one knows who you are and what you can bring to the table.
3. Consistency is key
Did you know?
Consistent branding across every platform can increase your revenue by up to 30%. 90% of consumers expect that their experience with a brand will be similar across all platforms and devices.
And whilst it only takes 10 seconds for consumers to form a first impression towards a brand logo, it takes 5-7 impressions for consumers to recognise the logo.
Nobody wants to buy what they don’t understand. You need to be clear and consistent in your messaging across every online and offline strategy you implement.
Final Words
Your brand gives you a massive opportunity to tell the story of your project and the only way you can make it one for the books is if you are honest, consistent, and relevant.
Pixel Focus works collaboratively with Campaign Focus to strengthen your brand by translating your vision to life through ultra realistic 3D imagery. If you have any project you would like to discuss, just call us on 08 6262 4047 or email us at: info@pixelfocus.com.au
